I'm very pleased to be here today. Thank you, committee members, for the invitation.
As you know, the climate crisis is accelerating, and I understand many of you in Ottawa are on Zoom today because it was impossible to travel around, as electricity is still out in many parts of town. I think the urgency with which we must act is clearly evident, yet as my colleague mentioned, we are continuing to double down on fossil fuel production through the CCUS tax credit, which is very substantial and will rise to $1.5 billion a year by 2026-27.
We know that we should be putting our money into, for instance, generating more electricity with renewable electricity. Actually, we have a study coming out tomorrow that will show how much can be done with that. Really, we need to rebalance our investments, take away the subsidies and invest where the opportunities are and the real emissions reductions are.
I'd be happy to talk more about that during questions and answers. Thank you.